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Financing in 10007 : Real Estate Advice

  • All6
  • Local Info1
  • Home Buying2
  • Home Selling0
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Activity 191
Thu Mar 31, 2011
Mark Heusinkveld answered:

This must be for a co-operative in NYC. Co-op boards are allowed to require a wide range of financial constraints in order to qualify to buy in their respective buildings. It is fairly common in co-op buildings especially now.

If you want to avoid those purchasing parameters all together. Look at buying a condo. They are priced a little more expensive, mainly because they don't have strict financing or subletting policies.

Good luck.

Mark Heusinkveld
Real Estate Advisor
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Tue Jan 3, 2012
Luke Allison answered:
Your best bet is an FHA mortgage which will go to 96.5% financing and up to $729,750. This would put you at a purchase price of $775,000 based on the assets you have. I highly doubt you will find a 95% combo loan right now. The best jumbo loan going right now other than FHA is the jumbo conventional which only goes to 90% LTV and maxes out at $729,750 as well. The FHA loan is awesome as well because the rates are fantastic compared to other jumbo products.
If you have any questions, feel free to contact me.

Luke Allison
Bank of America Home Loans
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0 votes 10 answers Share Flag
Thu Oct 15, 2009
Ralph Windschuh answered:
Have you spoken to a mortgage broker or bank on getting a loan? If your credit and income are good, many banks do not require a huge down payment. If you have closing costs and 5% to put down on contract, you should be able to find a lender that will work with you if the apartment appraises. Is it a condo or a coop? If it's a condo, you could probably get an FHA loan and 5% would be OK. Good luck. If I can assist in some, please contact me.

Ralph Windschuh
Century 21 Princeton Properties
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Sun Oct 11, 2009
Greg Knox answered:
unless you can afford to carry both of them, absolutely.
0 votes 3 answers Share Flag
Mon Oct 5, 2009

That's unfortunate and unbelievable! How could a lender forget to do one of the most rudimentary requirements for a loan qualification? At one time, you could have a non scoring borrower on the loan so long as the other borrower had a hihg enough FICO to compensate. But that has not been the case for some time now, and before your current deal and situation. I don't know of any lenders that are still making that acception. ... more
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Thu Mar 18, 2010
Louwu answered:

This reply is probably too late, but I can actually help with your issue! Over 30% down with solid credit on one coborrower and limited credit on the other coborrower is fine with me.

I work for a direct lender in Chinatrust Bank USA and we specialize in the following scenarios.

My programs are as follows:
70% LTV to 1.0MM
60% LTV to 1.5MM, 60% LTV to 1.0MM VOE
FICO 660
C/O 50% up to 500K; 70% up to 250K
50% LTV to 1.5MM with NO CREDIT HISTORY or RESIDENCE (Foreign Nationals are OK)

If you ever run up to this sort of situation, feel free to give me a call at 949-870-2882 or email me at


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Fri Oct 2, 2009
Adina Greenberg asked:
I'm seeking help for my buyer who was pre-approved for mortgage and was told a month before closing, oops, we made a mistake, we cannot help you. Husband and wife, making $35K and ...
0 votes 0 Answers Share Flag
Tue Sep 29, 2009
Jo-Ellen Ashby answered:
I believe you will find that credit history is more important that income, down payment, or credit rating! You can easily get credit history...go to a local bank, borrow $1,000, pay it back. Get a credit card. Should be no time delays on these and other ideas. ... more
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Sun Mar 20, 2011
David Zybin answered:
Alice, as a foreign national buyer you are typically required to put between 30%-40% down, there are lending programs for buyers like you, which do not require income disclosure, but the interest rate is higher and they often require corporate title vesting. As to real estate taxes - the property is taxed, not you, amount can change due to new sales price and new assessed value. Good luck. ... more
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Wed Feb 18, 2015
I have used Brookview in the past and they are good guys. Give the a call.
0 votes 2 answers Share Flag
Thu Oct 15, 2009
Judith Saunders answered:
unfortunately minimal. Some buildings will allow co-purchase with a parent but very few will accept only 10% down. The usual down payment is 25% although some allow 20%
0 votes 9 answers Share Flag
Thu Oct 15, 2009

You are correct in saying you do not need an attorney for your refinance. However, as I'm sure you're aware, coop boards can be difficult to deal with at times. Depending on your comfort level with your coop board, it's really up to you at this point. That said, the $700 may be worth the peace of mind.

Best of luck!

Total Mortgage Services
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Fri Oct 16, 2009
One important question on this condo is whether it is new construction or not. If it is an existing condo, it would be less difficult, especially if there are a majority of owner-occupied units in the building. ... more
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Fri Oct 16, 2009
Call Me D answered:
sorry...forgot to add that I've been shopping in the $175k-$225k range.
0 votes 5 answers Share Flag
Mon Aug 31, 2009
Kyle answered:
1 day, depending on the loan type you want and the down payment you have. For conventional loans you need 3 years, for hard money loans with 35% down it doesnt matter.
0 votes 3 answers Share Flag
Fri Aug 28, 2009
Anne Marie Salmeri answered:
That's a good question but it's a question for your accountant or money manager. If you have any other questions, please feel free to contact me at or 212-444-7823. ... more
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Thu Dec 30, 2010
Dp2 answered:
You'll have to demonstrate some type of hardship. For example, let's say your rental in Orlando requires some repairs, you're counting on borrowing against part of your equity to make those repairs, your tenant's lease is almost up, and s/he might not renew. Perhaps, you could also show how your income has decreased, all of your expenses have increased, and make a case hinting that you might even have to dip into your retirement (which has also dwindled).

Next, you should make the case with your lender that you'd like to modify your loan; however, you'll be forced to short-sale otherwise. Stated another way, you're inferring that they're going to take a loss one way or another, and they get to choose which way..

Additionally, if you have other lines of business (ie other accounts) with that lender, and if they balk at your request initially, then you might also imply that you might need to consider transferring all of the other lines of business to another bank that will be able work with you and your situation.
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Tue Sep 17, 2013
Leslie Kaye answered:
Hi, I am a lender in Floirda. I help clients raise their credit scores to get them a loan or even
just a better rate. Have you considered do this? Some helpful hints. Pay down your charge
cards to 30% of what you can use (pay off would be better). Open a new charge card for $500
put $10 on it pay it off and leave it paid off. Make sure you do not add any more to your cards,
leave it for a good month, two would be better. Then recheck your credit. Please take into consideration
this all depends on why you have a current score of 567.
Leslie Kaye
Homexpress Lending
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0 votes 6 answers Share Flag
Wed Aug 5, 2009
Chris L. Christie answered:
Assuming that your mortgage person is correct, if your Debt/Income ratio is too high, then your partner may have a difficult time getting an approval with his $40k salary. Not enough income to qualify for a lower NYS property unless you have a large downpayment.
The lowest SONYMA 30 yr. rate is 5.0 percent/no points. Good thru this Thursday. SONYMA writes to FNMA standards. Genworth approves the mortgage insurance. It only takes a day or two longer to process and underwrite these loans.
An FHA underwriter may approve your file if there are good and logical reasons for the low credit score. Student loans and car payments are not the only issue for a 600 score. The payment history probably has the greatest impact.
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Fri Oct 16, 2009
Why Use a Broker?

Independent mortgage brokers have had a significant positive impact on the lending industry. Today, the use of a professional mortgage broker is one of the key strategies used by sophisticated borrowers.

What is a Mortgage Broker?
A mortgage broker is an independent real-estate financing professional who specializes in the origination of residential mortgage loans. Mortgage brokers normally pass the actual funding and servicing of loans on to wholesale lending sources. A mortgage broker is also an independent contractor working with (on average) as many as 40 lenders at any one time. By combining professional expertise with direct access to hundreds of loan products, your broker provides the most efficient way to obtain financing tailored to your specific financial goals.

What Do Mortgage Brokers Do?
In the volatile home-lending market, mortgage brokers can serve as safeguards, offering their clients security, safety, and peace of mind. One of the broker's most important functions is escorting your loan application through the entire process, constantly patrolling the component transactions for possible breakdowns. A professional mortgage broker can wade through the mountains of rate data and program options, researching current market conditions to find the most accurate and up-to-date information about cost-effective loan options.

Brokers Handle the Details!
There are literally thousands of variables that can affect the outcome of your mortgage transaction. That's why you need a mortgage broker to act as a liaison between the title and escrow company, real estate agent, lender, appraiser, credit agency, the underwriters, the processors, attorneys, and any other services which may affect your transaction.

A mortgage broker also:
• Discusses and explains financing program options
• Informs you, in writing, of lock-in options
• Explains all documents of the loan application
• Explains all associated costs of the loan application
• Explains the disbursement of all loan applications
• Explains the loan process, from application to closing
• Provides you with a good faith estimate of cost and fees
• Communicates with you throughout the loan process in a timely manner
• Coordinates the final closing of your transaction
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